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So far Dawn Johnson has created 28 blog entries.

H. R. 2954, Home Mortgage Disclosure Adjustment Act

“This bill would exempt financial institutions that originate less than 500 closed-end mortgage loans or less than 500 open-end lines of credit annually from recordkeeping and disclosure requirements under the Home Mortgage Disclosure Act (HMDA). Currently, institutions are required to periodically report to financial regulators about the number and dollar value of closed-end mortgages and open-end lines of credit originated or purchased each year.” (Source: Countable)

Why Jason Lewis’ vote conflicts with our values.

“H.R. 2954, as amended, would harm efforts to identify and stop discriminatory lending and violations of fair housing laws, as well as the ability to understand lending patterns and trends.” (Source: Minority View, Committee on Financial Services, Report 115-485)

“The bill would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly by exempting the vast majority of lenders from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Public officials use this information in distributing public-sector investments so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.”  (Source:  The National Community Reinvestment Coalition)

“Despite the harm posed to low- and moderate-income communities around the country, HR 2954 would permanently raise the threshold for new HMDA data for both mortgage loan type data and lines of credit to 500 without a good understanding about the real impact of doing so. At this level, 85 percent, or 5,400 depository institutions, and 48 percent of nonbanks, or 497 institutions, would be exempt. That’s 6,000 financial institutions that would no longer report important lending data. By prohibiting these important new data fields from being reported under HMDA, regulators will not be able to fully determine the extent of redlining, discrimination, and other harmful practices. This will make it harder for fair lending violations to be detected as HMDA data are routinely used by the Department of Justice to identify and remedy discrimination in lending and these new data fields are essential for shedding light on the kinds of discrimination—like age—that now flies under the radar.”  (Source:  Congresswoman Maxine Waters [D-CA] statement)

More Info See Bill

 

H. R. 2954, Home Mortgage Disclosure Adjustment Act 2018-01-22T13:44:03+00:00

H. R. 4015, Corporate Governance Reform and Transparency Act of 2017

“This bill would require proxy advisory firms to register with the Securities and Exchange Commission (SEC) and subject them to certain rules and reporting requirements. Publicly traded companies are required to issue proxy statements to shareholders before voting on corporate actions — like electing company directors and approving compensation packages. Proxy advisory firms advise a variety of clients like pension plans, mutual funds, and other institutional investors which can influence their advice, so this bill would require such firms to disclose potential or actual conflicts of interest when providing services.

Proxy advisory firms would be required to disclose information about their financial and managerial resources to the SEC in addition to disclosing conflicts of interest to current or prospective clients.

The SEC would be required to report annually to Congress on its regulation of proxy advisory firms.” (Source: Countable)

Why Jason Lewis’ vote conflicts with our values.

“In summary, we believe that corporate governance works best when shareholders are empowered with independent, impartial information when voting on important corporate issues. H.R. 4015 is a harmful bill that would allow corporate management to unreasonably insert themselves in the relationship between investors and the entities whom investors hire for independent advice on these decisions.” (Source: Minority View, Committee on Financial Services, Report 115-451)

“The bill would undermine the ability of shareholders to get reliable, independent analysis of proxy issues on which they are asked to vote.”  (Source:  Consumer Federation of America)

“The regulatory scheme is a transparent attempt to weaken if not eliminate the independence of proxy advisory firms from firm management by placing sharp restrictions on their expression of opinions which differ from those of firm management. Besides raising First Amendment issues, this improperly restricts the ability of shareholders to obtain independent views on how they should exercise their voting rights.”  (Source:  Americans for Financial Reform)

More Info See Bill

 

H. R. 4015, Corporate Governance Reform and Transparency Act of 2017 2017-12-23T11:53:50+00:00

H. R. 1638, Iranian Leadership Asset Transparency Act

This bill requires the Department of the Treasury, in furtherance of efforts to prevent the financing of terrorism, money laundering, or related illicit finance and to make financial institutions’ required compliance with remaining sanctions more easily understood, to submit within 270 days and annually thereafter for the next two years a report regarding:

  • the funds or assets held in U.S. and foreign financial institutions that are directly or indirectly controlled by specified Iranian officials;
  • any equity stake such official has in an entity on Treasury’s list of Specially Designated Nationals or in any other sanctioned entity;
  • how such funds, assets, or equity interests were acquired and used;
  • new methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official.
  • recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;
  • how Treasury assesses the effectiveness of U.S. economic sanctions against Iran; and
  • recommendations for improving Treasury’s ability to develop and enforce additional economic sanctions against Iran if so ordered by the President.

The unclassified portion of the report shall be made available to the public and posted on Treasury’s website in downloadable English, Farsi, Arabic, and Azeri versions.

Why Jason Lewis’ vote conflicts with our values.

“In light of the bill’s limited practical utility; its failure to meet its own stated objectives; its diversion of critical resources away from Treasury investigations; the report’s lack of usefulness as a compliance tool; and the negative impact the legislation would have on the continued viability of the nuclear deal, which to date is widely viewed as a success, we oppose this bill.” (Source: Minority View, Committee on Financial Services, Report 115-453).

 

More Info See Bill

 

H. R. 1638, Iranian Leadership Asset Transparency Act 2017-12-18T15:38:01+00:00

H. R. 1919, Child Tax Credit Protection Act

Bill Summary:

This bill amends the Internal Revenue Code to expand the identification requirements for the child tax credit to require taxpayers to provide a valid identification number (i.e., a Social Security account number issued by the Social Security Administration) on their tax returns in addition to the name and taxpayer identification number of each qualifying child. A “valid identification number” does not include a taxpayer identification number issued by the Internal Revenue Service. 

Bill Sponsor: A. Drew Ferguson IV (R-GA)

H. R. 1919, Child Tax Credit Protection Act 2017-12-06T17:30:22+00:00

H. R. 2133, CLEARR Act of 2017

Bill Summary:

This bill provides regulatory relief to community financial institutions.  Changes are proposed to the Fair Housing Act to require intent to discriminate.  A change in the Truth in Lending Act would exempt “small creditors” from some loan requirements, but a small creditor is defined as a creditor with assets of $50 billion or less.  Those institutions that annually service less than 30,000 mortgage loans would be exempt from the mortgage reporting requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Mortgage servicing and appraisal rules would also be amended.

Bill Sponsor: Blaine Leutkemeyer (R-MO)

H. R. 2133, CLEARR Act of 2017 2017-12-06T17:21:55+00:00

H. R. 3832, Veterans Opioid Abuse Prevention Act

Bill Summary:

This bill directs the Secretary of Veterans Affairs to enter into a memorandum of understanding with the executive director of a national network of State-based prescription monitoring programs under which Department of Veterans Affairs health care providers shall query such network.  The bill aims to reduce opioid addiction by directing Department of Veterans Affairs (VA) Secretary David Shulkin to connect VA health care providers to a national network of state-based prescription drug monitoring programs (PDMPs). PDMPs track prescribing data to identify abuse patterns in patient.

Bill Sponsor: Neal Dunn (R-FL)

H. R. 3832, Veterans Opioid Abuse Prevention Act 2017-12-06T13:11:14+00:00